The GBP/JPY confirmed a negative closing but only a break below 123,90, confirmed by a daily closing, will support lower level suggesting a retest of the 120 area!!
The indicators of the daily chart are still well positive but showing potential negative reversals still very close to the overbought area. Those of the s/t charts are instead negative supporting further downside risk.
The drop below 125 found momentarily support at the 200 hours line at 124,77. The indicators of the hourly chart are already close to the oversold area while showing a potential positive reversal situation. We could however still see an extension toward the support line, now found at 123,20!!
We suggest waiting for lower levels to buy this cross.
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